Presentation to CHRA Panel May 1, 2013 Presented by: Lois Fine YWCA Toronto

 Long-standing community institution: Toronto’s only multi-service agency by, for and about women and girls founded in 1873  $28 million annual budget derived from government grants and contributions, philanthropy and earned revenues  Programs: Offer service in four program areas ◦ Housing & Support ◦ Employment & Skills Development ◦ Girls and Family Programs ◦ Advocacy

 Large scale housing project with strong partners ◦ Largest social housing development in Canada in the past 10 yrs. ◦ 300 units of subsidized and affordable housing ◦ Strategic Partnerships with the Jean Tweed Centre, St Michael’s Hospital and Wigwamen Inc.  Sustainable development ◦ Designed to meet LEED silver standard ◦ One of the largest geothermal heating and cooling systems in North America  An integrated building community with supports tailored to community needs ◦ 300 individual households ◦ Three separate criteria for eligibility ◦ Culturally responsive support to meet the needs of the whole community

 150 units of ‘affordable’ housing for women ◦ Rents set based on Canada Mortgage and Housing market rent ◦ Eligibility criteria: Income testing upon move in  100 rent supplement units of housing for women with mental health issues ◦ Women pay 1/3 of their income – rent supplement tops up to market level ◦ Support through St. Michael’s Hospital Psychiatry  50 rent supplement units of housing for families of aboriginal ancestry ◦ 10 allocated to aboriginal women fleeing violence

 Grants and contributions as well as institutional and government lenders for capital financing ◦ $29.1M from federal, provincial and municipal government ◦ Government and institutional lenders providing $34.8M  Earned revenue via rental income and philanthropy to cover financing and debt repayment costs ◦ Earned revenues derived from rents subsidized by government cover long-term costs ◦ $15M in grant capital raised (9% admin costs to raise, $255K in GIC interest earned on donations)  High energy efficiency results in decreased operational costs ◦ innovative geothermal/in-slab radiant heating and cooling system

Waived costs and rebates $7.3 million Construction $56.9 million Soft costs $5.5 million Financing $1.2 million Land $8.0 million Total Project $78.9 million Table: Elm Centre Project Budget

Municipal Rebates$3.6 million Provincial Mortgage Grant$12.6 million Provincial Rebates$1.3 million Federal Grants/Rebates$11.6 million Total Government$29.1 million YW Mortgage IO$26.3 million YW Fundraising$15.0 million City Loans$8.5 million Total Project$78.9 million Table: Elm Centre Project Financing

Current Situation with Infrastructure Ontario (IO)  $38,860,000 – construction financing with rates between 0.95% and 1.75%  $20,000,000 for 40 years at 4.9% began December 2011  $12,600,000 for 20 years at 4.56% (covered by Province of Ontario) began December 2011  $6,260,000 still to be determined ($1,000,000 already raised through Elm Housing bond - sold)

 Organizational financial stability: YWCA has strong balance sheet and ongoing annual revenues with diversified base of funders  Financing capacity: From diverse revenue base including earned revenues and government grants and contributions, Elm Centre project has ability to afford long-term financing  Met major project financing milestones: Elm Centre project has met major financing objectives with key investors; additional debt financing support will be a small component of larger capital need  Objective: decrease cost of capital to place more funding into core programs and activities of YWCA and Elm Centre project and build replicable financing model for other housing providers

Investment Terms  Capital Raise: $1,000,000  Instrument/Security: Housing Bond via a promissory note  Term and Maturity: 10 years [maturing January 31, 2022]  Interest: 4% per annum  Minimum Investment: $50,000  Use of Proceeds: The proceeds would be used to support YWCA Toronto’s Elm Centre project until pledged donations come in by 2014.

 Strong community institution with stable finances  Large-scale, high impact real estate project providing affordable housing  Impact-first investment opportunity with demonstrable ability to reduce poverty in the City of Toronto while generating modest financial returns for institutional investors